HOUSTON – You understand how a lot you pay in your automotive insurance coverage every month and the way a lot you spend on the pump filling up your fuel tank, however are you aware how a lot it really prices to personal your automotive far past upkeep and gasoline? Site visitors Skilled Anavid Reyes breaks down AAA’s numbers for the common annual driving prices for 2020.
The typical annual driving price is the best on report since AAA started monitoring bills in 1950 at $9,561. Shopping for a automotive is without doubt one of the greatest purchases an individual will make of their lives. Earlier than embarking on the car-buying journey, it’s necessary to grasp how a lot it is going to price past simply the sticker worth. Since 1950, AAA has printed it’s annual Your Driving Prices examine that breaks down the price of proudly owning a brand new automotive, together with depreciation, finance, gasoline, insurance coverage, license/registration/taxes and upkeep/restore.
2020 prices damaged down
AAA makes use of 5 top-selling fashions in every of 9 automobile measurement/kind classes to calculate possession prices throughout a variety of areas.
- Proudly owning a small sedan is the most affordable solution to go. It has the bottom price throughout the board: 50.10¢/mile.
- Sedans are even cheaper than proudly owning an electrical automotive, which prices 60.79¢/mile.
- Texans love their pickup vans – however they’ve the best general driving costs– 75.39¢/mile.
These are then mixed and averaged to find out the general price to personal a brand new automotive in 2020. For the complete checklist of autos included on this yr’s examine, click on right here.
- Depreciation: that is the distinction between new-vehicle buy worth and estimated trade-in worth on the finish of 5 years and 75,000 miles, AAA calculated this to be $3,700 per yr which is up 12% from final yr.
- License, Registration and Taxes: these prices embody all governmental taxes and costs payable on the time you purchase your automotive, in addition to charges due every year to maintain the automobile licensed and registered. On a nationwide common, you’re dropping about $900 a yr, up 19% in comparison with 2019.
- Gasoline: This yr, drivers paid much less for fuel, so this class fell 8% on account of an elevated provide, coupled with a decreased demand associated to COVID-19. On common, drivers paid 11 cents per mile.
- Upkeep and Restore: AAA calculated drivers paid 9 cents per mile a 4% enhance from final yr.
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